Whether buying or selling, property documents play a very important role in any kind of real estate transactions. So, for a property owner, it’s very important to keep these documents at a safe and secure place. These documents determine your ownership on the property and in case of any legal dispute they act as a true friend.
Are you a first-time home buyer? Then you must be in a state of confusion with regards to multiple things. You have to check the background of the property, developer, project, legal documents, neighbourhood, and many other things. However, in order to avoid last-minute hassles or any future consequences, rechecking all the above things is quite important. So, here’s a checklist which first-time homebuyers must follow to avoid any kind of discomfort and insecurity:
Buying a home and fulfilling your cherished dream is great but a lot of paper work has to be taken care of. So you need to get ready for the task and get organized before you sign on the dotted line. Buying a home involves a myriad of documents, meeting many people, carrying out several tasks and to-dos. If you have the cash in hand to go in for an outright property purchase, then a part of your work is already done. However, if you are looking for a mortgage/loan on the property; you have to get your loan file also ready.
Having a real estate agent working for you will be a huge help .They will take off a huge burden of your shoulders and will guide you all the way. A real estate purchase contract is a legally binding document that details the sail of the property .Details range from Basics that include the cost of property to the specifics like the details about furniture and fixtures. After deciding on the property you desire, take a walk through. Check & recheck, make a note of what is missing and what is required and attach your notifications along with the contract. Gather all your papers, recheck them, take expert advice, see that the title is clear and no other encumbrances are there. Now you are ready to draw up a purchase contract.
Some common items that appear in traditional contract –
1) Buyers and Sellers List